CEO’s price for a ‘boorish’ night out: Six million bucks
TicketNetwork jumped out of the First Five program as it was about to be pushed.
As a consequence of the arrest of CEO Donald Vaccaro, the company announced today it was withdrawing from Gov. Dannel P. Malloy’s signature economic development program at a loss of more than $6 million in state aid.
“TicketNetwork is regrettably withdrawing from the state’s First Five program,” said Andra Mazur, the company’s counsel. “Due to the personal incident involving our CEO Don Vaccaro, we feel that it is necessary to respectfully withdraw from the FirstFive program in an earnest attempt at preserving our future relationship with the state.”
Vaccaro issued a statement yesterday saying he was stepping down and seeking alcohol counseling after his drunken arrest at a chartiy party, where he is accused of groping women, but it came a little late.
Hours earlier, Malloy had described his behavior as boorish, consistent with being a jerk. His comments set up this question had TIcketNetwork stayed in the program: “Governor, why are are you doing business with a boor and a jerk?”
Now, of course, if TIcketNetwork continues to expand, a different question will arise: Was the state aid necessary?
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